his Aryzta arm was sold for $ 850 million (705.5 million euros).
The chairman and interim CEO of Irish-founded Aryzta, Urs Jordi, hailed the successful conclusion of the deal.
In a statement, he said the swift closing of the transaction “allows management to fully focus on monitoring improving the operational performance of the company and returning to organic growth.” “
Aryzta’s North American division accounted for 1.26 billion euros in revenue and 67 million euros in profit in its fiscal year 2020.
In December of last year, after “careful consideration” and a unanimous decision, Aryzta’s board rejected an offer of CHF 0.80 (€ 0.74) per share from the US hedge fund Elliott which valued the company at 734 million euros.
Earlier this year, Aryzta’s Irish shares were delisted from the Euronext Dublin Stock Exchange. The main listing of Aryzta was already in Zurich.
The exit from the Irish stock exchange follows last year’s upheaval at the company, better known here as the baker of branded products Cuisine de France.
The past year has been marked by major changes within the group, with its previously Irish-dominated leadership ousted in a bid to improve shareholder value by Swiss fund management group Veraison Capital, which has helped to install a new chair.
In January, Aryzta reached an agreement with Lion Capital and Invest Group Zouari to sell its remaining 4.64% stake in French frozen food group Picard for around € 24 million.
Aryzta, which operates in Europe, Asia, Australia, New Zealand and South America, will release its third quarter revenue update on June 1.